<\/p>\n
A massive transfer of wealth from baby boomers to their brethren is underway<\/a>, but a look at the numbers shows many people will not receive what they expect.<\/p>\n The \u201coverwhelming\u201d cost of health care will drain the majority of boomers\u2019 wealth before it can be handed over to Gen Xers and Millennials, according to an analysis<\/a> from CNBC.<\/p>\n Front and center is a report<\/a> from Fidelity that estimates how much individuals need to have saved to pay for their medical costs.<\/p>\n The report finds single people who turned 65 years-old in 2023 may need about $157,500 saved after taxes to cover health care expenses in retirement.<\/p>\n For couples, that number stands at $315,000 saved.<\/p>\n For reference, a 2023 survey from the Transamerica Center for Retirement Studies estimated the current levels of retirement savings among the generations in question.<\/p>\n Although the wealth transfer is underway, most people will not receive much, and CNBC questions who will be\u00a0\u201crich enough to endure illness.\u201d<\/p>\n \u201cThe eye-popping figures surrounding the wealth transfer often obscure the reality that health care for the elderly is incredibly expensive and frequently wipes out people\u2019s life savings. <\/em><\/p>\n Boomers who are concerned about their own financial fate may be more aware of that fact.\u201d<\/em><\/p>\n A 2022 study<\/a> from wealth management firm Cerulli Associates found that 42% of the great wealth transfer will come from\u00a0high-net-worth and ultra-high-net-worth households, who together make up only 1.5% of all households.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>  <\/p>\n Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" A massive transfer of wealth from baby boomers to their brethren is underway, but a look at the numbers shows many people will not receive what they expect. The \u201coverwhelming\u201d cost of health care will drain the majority of boomers\u2019 wealth before it can be handed over to Gen Xers and Millennials, according to an […]<\/p>\n","protected":false},"author":2,"featured_media":126107,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-262298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/262298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=262298"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/262298\/revisions"}],"predecessor-version":[{"id":262300,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/262298\/revisions\/262300"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/126107"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=262298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=262298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=262298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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